If your instructor has assigned the Appendix to this chapter
If your instructor has assigned the Appendix to this chapter, redo Problem AP7-5 assuming that the company uses a periodic inventory system.
In Problem AP4-5
The following information relates to Glassworks Ltd’s inventory transactions during the month of July
All of the units sold were priced at $20 per unit.
a. Glassworks Ltd. uses the perpetual inventory system. Calculate Glassworks’ cost of goods sold, gross margin, and ending inventory for the month of July using
i. FIFO
ii. weighted-average
b. Which of the cost flow assumptions would produce the higher gross margin?
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